A GUIDE TO AUCTIONS fina;

Surveys andReports Properties sold at auctionmay not be in prime condition so you are likely to need a survey carried out andmay be other specialist reports. Youmight also need quotes froma builder or specific tradesman for works you wish to have carried out. Make sure that all reports, recommendations and plans are receivedwell before the sale date. Discusswith your surveyor and otherswhat the property isworth in its current state andwhat the valuewill be after improvement. Legal Process You should involve your solicitor as soon as possible. Theywill liaisewith the vendor’s legal representatives, obtain a legal pack and inspect searches, title deeds and any operating leases, planning permissions, building regulation approval, etc. Their advice could prove valuable to you and youmaywant that support and comfort before deciding to bid. Remember when the hammer comes down it is too late to change any of the terms or to change yourmind. Organise Finance Youwill need to have 10%of the purchase price available on the auction day, subject to aminimumon lowpriced properties and the remainder of the purchase price and fees in readiness for completion. Arrange thesewith your financial adviser, bank or other preferred route. You can also investigate short term financing and other draw down options. If successful, youwill be able to pay your deposit by bank draftor personal cheque. We do not take cash or credit cards but we do take debit cards. Speak to your insurers too, as youwill be responsible for insurance fromexchange. Determine Your Bid Level Drawup a budget. Make sure that you include all the costs that will arise if you are successful. These include legal and professional fees, StampDuty, the cost of improvement or conversionwork, etc. and any related fees (and in some cases VAT). Therewill also be a buyer’s premiumof £395 plus VAT to pay to the auctioneers for

their services. Decide on yourmaximumbid levels before entering the auction roomand take the views of your chosen advisers into account when doing so. Non-Attending and Telephone Bidding Brown&Co offers this service free of charge to any bidders who for one reason or another cannot be present at the auction. Youwill need to fill in the bidding formwhich will be found towards the back of our catalogue and this will need to bewith us at least 2 days prior to the auction alongwith supporting documentation, depositmonies and administration fee. So there is no reason for you to miss out on purchasing your chosen lot. AuctionDay Tips Alwaysmake a late check to ensure that the property which interests you has not beenwithdrawn. Arrive in good time – space is often limited. Lastminute changes will be set out on an addendumsheet. If you have any queries, ask the auctioneer or other staff prior to the start time – they are approachable and knowledgeable. Bid clearly by holding up your hand or catalogue, and do not worry about bidding accidentally. Brown&Co’s auctioneers are experienced andwill notmistake the scratch of a head for a bid. If youwant to bid an amount different to the one the auctioneer is offering, you should shout this out. After theHammer Falls The fall of the hammer at the final acceptable bid signifies the binding sale of that particular property. The purchaser is required to pay a deposit and sign a memorandumof sale. Make sure you have ID (passport/ driving licence and utility bill or similar) andmeans to pay your deposit. On occasions properties do not reach their reserve price. If you are bidding prior to this and the property is unsold, speak to amember of the auction teamafterwards to register your interest and advise them of yourmaximumbid. There is a possibility that a sale can be quickly effected by subsequent negotiation under auction rules.